Guaranteed issue unsecured credit cards are still available even in the present financial climate. Many though looking for these types of cards have either poor or bad credit so as you can imagine in many cases you are going to pay a premium. Wherever there is a market demand there is always someone looking to prosper.

If your credit score is less than average you are going to find it much harder to be approved for credit. Since the financial meltdown, lenders in most cases have vastly tightened up their requirements. There are though cards you can apply for! These cards will have a reduced credit limit and a higher repayment rate because in simple terms the lender treats those with below average credit scores as a higher risk.

These cards so do have benefits. For those with a bad credit score these cards help you to improve your credit rating. If you make the monthly payments on time your crediting rating will, bit by bit, improve. The longer you keep the card together with the longer you keep making regular on time repayments you will find that the lender will increase your credit limit. Of course though there is a down side to this. If you default on your repayments you will seriously damage your credit score and will find it extremely difficult to secure further credit for many years to come!

Many with bad credit scores simply opt for a secured credit card so that they don’t have further exposure to damage their credit history. Secured credit cards give you all the benefits of normal debit cards.

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